Brighton Jones LLC Sells 908 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Brighton Jones LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,495 shares of the software maker’s stock after selling 908 shares during the period. Brighton Jones LLC’s holdings in Fortinet were worth $673,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. First Trust Direct Indexing L.P. increased its stake in Fortinet by 1.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock valued at $748,000 after purchasing an additional 197 shares in the last quarter. Catalyst Financial Partners LLC raised its holdings in Fortinet by 5.1% in the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after acquiring an additional 209 shares during the last quarter. Realta Investment Advisors lifted its position in Fortinet by 6.8% in the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after acquiring an additional 217 shares in the last quarter. First Foundation Advisors boosted its stake in Fortinet by 0.6% during the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after purchasing an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC increased its holdings in shares of Fortinet by 7.0% in the 3rd quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after purchasing an additional 224 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $63.53 on Thursday. The firm has a market capitalization of $48.49 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business has a 50 day simple moving average of $67.78 and a 200-day simple moving average of $61.87. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 earnings per share. Equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FTNT shares. Royal Bank of Canada raised their price target on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a research note on Wednesday, February 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $65.00 price objective on shares of Fortinet in a report on Wednesday, April 17th. UBS Group upped their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Finally, Scotiabank boosted their price target on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $72.19.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last quarter. 17.54% of the stock is owned by company insiders.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.